Fannin County approves MOU with economic-development authority on WhiteHat property; monthly payments to be split
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Summary
The Fannin County board approved a memorandum of understanding with the county Economic Development Authority over the sale of the WhiteHat property. The purchaser’s monthly payment was described in the meeting as $30,008.21, with $14,000 to the authority and $16,008.21 to the county; contract and timeline details will be finalized.
The Fannin County Board of Commissioners moved to approve a memorandum of understanding (MOU) with the Fannin County Economic Development Authority regarding the sale of the property referred to in the meeting as the WhiteHat property.
At the meeting, a county representative read the payment-allocation language from the draft MOU, saying the purchaser’s monthly payment would be $30,008.21 and that ‘‘$14,000 . . . shall be retained by the authority, and $16,008.21 shall be delivered to the county on a monthly basis.’’ The speaker described that allocation as a monthly distribution to run under the terms of the agreement.
Commissioners discussed sale and resale numbers cited in the meeting: one speaker stated a purchase figure of about $1,300,000 and referenced a later contract for $2,900,000, characterizing the difference as a gain to the authority. A commissioner asked whether protections exist if the deal ‘‘goes south’’ and whether the economic-development authority’s agreement contains a return-to-county provision; the chair and staff pointed listeners to Section 7 of the draft agreement for those protections.
A motion to approve the MOU was made and seconded and, per the transcript, the chair called for the vote; the record shows the board responded "Aye" and the matter moved forward. The meeting did not include a recorded roll-call tally or additional contract text in the public discussion; the chair said the final purchase price and contract details would be available in about a week.
What happens next: staff and the economic-development authority will finalize contract language and payment schedules; the county said the finalized purchase price and contract will be circulated when ready.
Note on figures: amounts (purchase prices and the precise contract terms) were described aloud in the meeting transcript with some numeric phrasing difficult to parse; the quoted monthly-payment allocation above is taken from the language read into the record by the county representative during the public discussion.
